GBP/USD: next sell target - 1.4700
- GBP/USD reversed from resistance level 1.5000
- Next sell target - 1.4700
GBP/USD has been falling sharply from the start of March – in line with our previous forecast for this currency pair. The pair earlier broke down below the support levels 1.5160 and 1.5100 – both of which were set as the sell targets in our previous report for this instrument. The breakout of these support levels accelerated the recent downward impulse (1) – helping GBP/USD break the next strong support level 1.5000. The pair has since made multiple unsuccessful attempts to break above 1.5000 (acting as resistance now, after it was broken).
The latest downward reversal from the resistance level 1.5000 completed the A-wave of the active intermediate ABC correction (2). GBP/USD is likely to fall further in the B-wave of this correction toward the next sell target at 1.4700.